https://www.taxtmi.com/caselaws?id=178276 In a search assessment, additions for concluded years must rest on incriminating material found during the search, and cannot be sustained by extrapolation or assumption where no seized material relates to those years. For later years, suppressed turnover was accepted, but undisclosed income had to be estimated on a net profit basis rather than by applying gross profit figures. Only a limited disallowance of cash expenditure was justified because no specific inflation was proved and much of the spending was supported by banking channels and statutory payments. The earlier-year additions were deleted, while the later-year estimates were moderated. en-us Wed, 29 Feb 2012 00:00:00 +0530 Sat, 29 Jul 2017 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178276 In a search assessment, additions for concluded years must rest on incriminating material found during the search, and cannot be sustained by extrapolation or assumption where no seized material relates to those years. For later years, suppressed turnover was accepted, but undisclosed income had to be estimated on a net profit basis rather than by applying gross profit figures. Only a limited disallowance of cash expenditure was justified because no specific inflation was proved and much of the spending was supported by banking channels and statutory payments. The earlier-year additions were deleted, while the later-year estimates were moderated. Case-Laws Income Tax Wed, 29 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178276